With promising applications in medical diagnosis and therapy, the behavior of shell-encapsula-ted ultrasound contrast agents (UCAs) has attracted considerable attention. Currently, second-generation contrast agents stabilized by a phospholipid membrane are widely used and studies have focused on the dynamics of single phospholipid shell-encapsulated microbubbles. To improve the safety and the efficiency of the methods using the propagation or targeted ultrasound, a better understanding of the propagation of ultrasound in liquids containing multiple encapsulated microbubbles is required. By incorporating the Marmottant–Gompertz model into the multiple scale analysis of two-phase model, this study derived a Korteweg–de Vries–Burgers equation as a weakly nonlinear wave equation for one-dimensional ultrasound in bubbly liquids. It was found that the wave propagation characteristics changed with the initial surface tension, highlighting two notable features of the phospholipid shell: buckling and rupture. These results may provide insights into the suitable state of microbubbles, and better control of ultrasound for medical applications, particularly those that require high precision.